REYNOLDS AVENUE
REYNOLDS AVENUE, South Shields
Shared ownership
Live from space album cover

Walking distance to local shops and public transport  The Nook and Temple Park are 2 miles away Only a short drive to the idyllic Marsden beach Only 3 miles to South Shields town centre...

Register interest

from £99,000 with min. deposit £4,950
Overview

***Please quote REY4101 when enquiring.***

- Introduction - 

This 2 bed bungalow for the over 55s is perfectly placed in South Shields. With no onward chain and set in a quiet cul-de-sac with no passing traffic, your new home offers everything you need and more right on your doorstep. What are you waiting for?

 

- What the owner says -

“Quiet, over 55s residential area. Link detached bungalow with spacious gardens on a corner plot.”

 

- Full description – 

Properties at Reynolds Avenue are available as part of an affordable home ownership scheme, where the buyer only pays 75% of the open market value. The 25% share not purchased is a 'payment discount' which is locked into the property and passed on to future buyers. Owners do not pay any rent to Home Group on the percentage not purchased but they must pay a service charge as detailed below. 

 

Two-bed link detached bungalow.

Entrance hallway has an alarm for your security and peace of mind. 

Living room (3.89m x 3.68m) benefits from French doors opening into the private rear garden.

Kitchen (3.96m x 2.41m) has white goods comprising of a fridge/freezer, electric cooker and a washing machine.

Master bedroom (3.48m x 2.96m) with a window to the rear aspect.

Second bedroom (3.29m x 2.11m) has a window to the front aspect.

Bathroom (2.02m x 1.97m) with a bath and overhead shower. 

Carpets are fitted to the living areas. Vinyl is laid in the bathroom and kitchen. 

Gas central heating.

Private rear garden, lawned, with a patio area for seating. 

Driveway and garage available for parking. 

 

- Costs –

PRICE - £99,000*

NO RENT PAYABLE

SERVICE CHARGE - £823.80pa**

*This represents a 75% share of the full open market value of £132,000

**This includes: management charge, service charge, building insurance and sinking fund. Rent and service charges are reviewed annually.

 

- General Information - 

Tenure: Leasehold

Lease: 125 years from 1 January 2000

Years remaining on lease: 105 approx.

Approximate internal area: 53 sq. m. 

Local authority: South Tyneside Council

Council tax band: B

EPC rating: D (65)

 

- Terms, conditions and requirements -

Applicants must have sufficient funds to either purchase the 75% share outright, or to obtain a mortgage. 

Applicants must also have access to sufficient funds to cover the cost of buying. 

If you will be purchasing with a mortgage you must provide us with an Agreement in Principle (AIP) to support your application. Evidence in support of your AIP (or proof of funds if cash buyers) must also be provided. Further details available on request.

Current homeowners: Anyone who currently owns a home must have a sale agreed to apply.

Age requirements: Applicants must be aged 55 and over. 


- Viewings - 

In addition to the financial assessment, a virtual tour is required before any physical viewing can take place.

Virtual and physical viewings are held strictly by appointment - call today for more information. 

Only those who have physically viewed the property are able to apply. If you have viewed and would like to apply please register your interest with the Resales Team. 

FAQs
Shared ownership is a government-backed scheme, designed to make stepping onto the property ladder more affordable. You buy a portion of a home normally with a mortgage and a deposit, and pay a low-cost rent on the rest.
Read more on the Shared Ownership FAQ
Help to Buy is an equity loan scheme to help you buy a new home. If you have a 5% deposit and can cover 75% of the value of the home with a mortgage (or 55% in London), the Government will lend you up to the remaining 20% (40% in London) in the form of an equity loan.
You can read more on the Help to Buy FAQ
The rules for shared ownership are different to a private purchase. In short, as long as you don’t currently own, or won’t own another property when you move in to a new home, you’re likely to qualify.
Read more about eligibility in the FAQ
Some properties require you to live or work in the local area in order to be eligible to buy them. By knowing the areas in which you live and work, we can make sure you see everything available to you
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